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Tuesday, 20 March 12
SMALLER DRY BULK VESSELS STILL LEADING DRY BULK MARKET TO HIGHER GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The dry bulk market has been growing during the past couple of weeks, but contrary to the usual practice, it’s not the larger Capesizes which are leading the market. Instead, it’s the smaller ship types which are offering support to the market and are leading the industry’s benchmark, the BDI (Baltic Dry Index) to higher ground. Yesterday, the BDI was up by 0.57% to 879 points, led by the Panamax market, which rose by 1.96% to 990 points. It was closely followed by the Supramax segment, which saw an increase of 1.26% versus the previous session (963 points), while the Handysize market was also up by 1.18% to 513 points, after plunging to incredible lows.
Still, in a recent note, shipbroker RS Platou, warned that the recent cyclones which have struck the main iron ore shipping facilities of Australia, leading to a shutdown of the country’s leading iron ore exporting port, the Port of Headland, could be negative for fixture activity in the near term.
In any case, the BDI has been trading at near-record lows since the start of the year. the index fell by 44% during 2011, from an average of 2,761 points in 2010, to just 1,548 in 2011. In a recent report, Danish Ship Finance said that “the second half of 2011 saw a temporary spike in the index as Chinese steel producers stockpiled iron ore. In 2012, the Baltic Dry Index began the year with a sharp decline. By the end of February 2012, the daily observations of the index had fallen below 700. The monthly average stood at 703, down 40% year-on-year. Such levels have not been seen since late 2008 when the credit crisis was at its worst. By then, rates dropped because demand more or less evaporated overnight as the credit crisis took its toll on the world economy. Today, however, the low freight rates are mainly weighed down by a large supply of new dry bulk vessels” said the report.
In fact, during 2011, a total of 96 million dwt of new bulk carriers were added to the world’s fleet, while another 2 million dwt were converted from tankers to dry bulk vessels. In total 98 million dwt was added to the Dry Bulk fleet during 2011 (85 million dwt in 2010), an increase of 16% from 2010. The Capesize segment accounted for the largest share of delivered tonnage. 48% of delivered tonnage – or 248 vessels - were Capesizes, according to Danish Ship Finance. This, despite the fact that many owners “scrambled to either cancel or postpone their orders in 2011. In the orderbook as of April 2011 a total of 102 million dwt was still on order for delivery in 2011. By January 2012 a total of 14 million dwt of orders had been cancelled. Another 29 million dwt had had their scheduled delivery postponed into 2012 or beyond. Only 56 million dwt of the April 2011-orderbook scheduled for delivery in 2011 actually reached the oceans in 2011. That is a delivery performance of only 55% since April 2011” said the report.
Some relief was provided through the scrapping activity of older vessels, which took off during the past year, driven primarily by continuously low rates, shorter fixing periods and the incredible inflow of new tonnage. A total of 23 million dwt was scrapped during 2011 (7 million dwt in 2010). That is, 4% of the entire fleet was scrapped in 2011. Scrapping activity was the highest in the Capesize and Handysize segments with 5% and 7% of the respective fleets being scrapped.
“The remarkable levels of postponement and cancellations in combination with the record high scrapping activity helped to curb fleet growth despite the astonishing amount of new tonnage reaching the seas. The fleet grew 14% in 2011 (75 million dwt). That is down from 17% fleet growth in 2010 (78 million dwt), but still more than what was absorbed by demand growth during the same period. By end of December 2011, the total Dry Bulk fleet amounted to 611 million dwt – up by more than 50% since the eve of the financial crisis in 2008” said Danish Ship Finance, providing a clear explanation of the reason freight rates remain subdued since the beginning of the year.
The imbalance between supply and demand is pretty clear. According to Danish Ship Finance, “iron ore trade expanded 8% (99 million tonnes) in 2011 down from 11% growth (126 million tonnes) in 2010. With a total of 1,373 million tonnes of iron ore transported by sea in 2011, iron ore remains the largest seaborne commodity and the largest contributor to total seaborne trade growth in 2011. Growth was mainly driven by Chinese demand. China remains the single most important iron ore importer, accounting for 74% of the entire growth in the iron ore trade in 2011. The corresponding supply of iron ore to feed world demand was mainly driven by an 11% increase (37 million tonnes) in Brazilian iron ore exports followed by Australian exports which was up by 6% (26 million tonnes) in 2011.
Trade in coal and coke grew by 10% (92 million tonnes) in 2011 (fig. 6). This was slightly higher than the growth in 2010 (80 million tonnes) and mainly driven by demand from Asian countries. Particularly India has increased its imports of coal and coke. Indian imports rose by 25% (26 million tonnes) in 2011. But also Japanese imports of steam coal are up again following the devastating tsunami in early 2011. The added demand was mainly fed by an increase in supplies from Indonesia. Indonesian exports of coal and coke were up 14% in 2011 (37 million tonnes). Weather-related disruptions to Australian production of coal and coke in early 2011 meant that exports from Australia grew by a modest 4% (11 million tonnes) in 2011” said the report.
Source: Nikos Roussanoglou, Hellenic Shipping
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Thursday, 01 March 12
INDO-INDIA, LARGE ECO SUPRA CAN FETCH CLOSE TO USD 9K DOP N.CHINA - FEARNLEYS AS
Handy
The Atlantic Handysize market did not see any signs for recovery this week. It is still a major lack of spot cargoes and an oversupply of pro ...
Wednesday, 29 February 12
69 MINERS AGREE TO RENEGOTIATE CONTRACTS - THE JAKARTA POST
The Jakarta Post, one of the leading English news papaer in Indonesia reported that, as many as 60 coal contracts-of-work (PKP2B) and nine non-coal ...
Wednesday, 29 February 12
PUTTING COAL GASIFICATION TO WORK
Clifford Reese of the SSOE Group looks at practical solutions for district energy leaders who wish to implement clean coal technology.
Coal fuels ...
Monday, 27 February 12
COAL MINING PROFITS TOO HIGH, SAYS GOVT - TEMPO INTERACTIVE
Tempo Interactive reported that, Energy and Mineral Resources Deputy Minister of Indonesia Widjajono Partowidagdo has criticized coal-mining compani ...
Monday, 27 February 12
INDONESIAN COAL EXPORTS TO CHINA DROPS 39.76 PERCENT IN JANUARY 2012
COALspot.com: Indonesia, the world largest coal exporter, shipped 28.21* mln mt of coal in January 2012, slightly lower than its December 2011 ...
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- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Planning Commission, India
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
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